This second move comes after the mobile operator delayed some repayments on its airtime-backed facility
Cell C's financial woes have weighed on major shareholder Blue Label. Picture: Thapelo Morebudi
The network operator, which had cash on hand of about R500m at last count, was in a precarious position as it had to settle the airtime-backed facility due in July, along with hefty repayments on bank funding, bonds and a handset-financing facility due in 2020. The SD rating means S&P Global Ratings considers Cell C to have defaulted on its financial obligations, while the CC debt rating shows that a borrower “is currently highly vulnerable”, according to the agency’s website.
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